Kenya's Economy Slows By 0.5pc to 5pc in Q1 of 2024

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The Kenyan economy slowed by 0.5 percent to 5 percent in quarter one of this year, weighed down by decelerating growth in the construction as well as transportation and storage sectors.

The latest Kenya National Bureau of Statistics Quarterly Gross Domestic Product Report shows that growth in the construction sector dropped to 0.1 percent in the three months to March 2024, down from a growth of 3 percent during a similar period in 2023.

"The quantity of imported bitumen decreased from 25,482.6 metric tonnes recorded in the first quarter of 2023 to 17,237.8 metric tonnes in the period under review," it adds. "Electricity and Water Supply sector recorded a decelerated growth of 2.4 per cent in the first quarter of 2024 compared to a growth of 3.7 per cent in the corresponding quarter of 2023."

 

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